Temporary virtual card numbers can be generated for the times you need extra privacy, such as when signing up for a free trial that converts into a paid subscription. Parents have total control over the childs account if they want it. Our opinions are our own. Generally, yes. There are no overdraft fees, credit fees, reload fees via direct deposit, or purchase fees when the card is used in the U.S. FamZoo also doesnt charge for in-network ATM withdrawals. The cards that made this list had the best combination of these categories. Up to 5 subaccounts, no international ATM withdrawal fee. Reload methods: Add cash via the Walmart MoneyCard app at Walmart stores; mobile check deposit; add funds from checks cashed at Walmart stores; $3 to reload cash at a Walmart store; up to $4.95 to reload elsewhere. Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. It offers a free debit card and a free secured credit card. They can pay interest to their young ones to encourage savings. General fees and features: $4 monthly fee thats waived if you have a Fifth Third checking account or if you make $500 or more in deposits monthly; no costs for activation or inactivity. Her work has been featured by Nasdaq, MSN, TheStreet and Yahoo Finance. 1Round Ups automatically round up debit card purchases to the nearest dollar and transfers the round up from your Chime Checking Account to into your savings account. Roberts LLC All Rights Reserved. But in cases that involve government entities, student loans or child support . Unlike traditional credit cards, these cards require that cardholders load funds onto the card before using. We promise to do whatever is necessary to get you the information you need when you need it, to make our opinions fair and useful, and to make sure our facts are accurate. Offers business and personal gift cards from $25 to $3,000. approved or otherwise endorsed by the bank advertiser(s). Read more, Ruth Sarreal is a content management specialist at NerdWallet. Plus, you don't have to worry about overdraft fees, since your spending cannot exceed the available balance on your card. Here are our picks for the best prepaid debit cards of 2023. If youd prefer not to pay for purchases with cash, credit cards or funds in your checking account, give prepaid debit cards a try. Downsides: No free ATM network; maximum monthly fee is higher than average; no mobile check deposit feature. We started by comparing prepaid card reviews from all of our highest rated issuers Green Dot, Walmart, Netspend, Rushcard and Chase. But prepaid cards come with a number of fees you should keep your eye on, such as a monthly or reload fee. The Best Prepaid Cards 1. Best Savings Accounts For Digital Banking, ATM Withdrawal Limits: What You Need To Know, How To Switch Banks: A Step-By-Step Guide, ACE Elite Visa Prepaid Debit Card (Pay As You Go), No fee for cash reloads at Regions Bank branches and ATMs, $5 monthly fee if you make fewer than seven purchases per statement cycle, Mobile load fee of 1% to 4% of the check amount (minimum $5), Donates to charities supporting communities of color, Must accumulate $25 in rewards points to redeem them, 4% foreign transaction fees (higher than the typical 3%), Domestic cash withdrawals are only free if you receive direct deposits, The pay-as-you-go plan charges more than competitors, No maintenance fee if you receive $500 or more in monthly direct deposits, Cashback rewards at participating merchants, Requires income information and two years of address history, Transferring money from your checking account or another prepaid card, Directly depositing your paycheck onto the card, Loading physical cash onto the card at approved retailers or the financial institution that provided the card, Purchasing a reload pack to add a specific amount to the card. Here is a list of our partners. Most prepaid debit card issuers allow funds to be loaded and reloaded by direct deposit, cash or bank transfer. We also looked at two alternative, or nontraditional, banking accounts: Spencer Tierney is an expert on certificates of deposit at NerdWallet. Yuliya Goldshteyn is a banking editor at NerdWallet. There are no costs for activation or inactivity. However, all CNET editorial content is independently researched and developed without regard to our corporate relationship to HomeInsurance.com LLC or its advertiser relationships. Chat with a ConsumerAffairs decision guide. For no monthly fee, you get both a spending and savings account. Cardholders earn rewards when they shop at Walmart stores. Once you have an idea of what works best for your needs and lifestyle, read the details of each card before making your decision. Cynthia splits her time between Los Angeles, CA and San Sebastian, Spain. We promise to publish credible information we have as soon as we have it, throughout a product's life cycle, from its first public announcement to any potential recall or emergence of a competing device. or Stride Bank, N.A., Members FDIC. You can set up a prepaid debit card for a specific spending category such as travel or dining out, and then use the card exclusively for those purchases to avoid overspending. When evaluating offers, please review the financial institutions Terms and Conditions. Best with No Monthly Fees: Brinks Prepaid Mastercard. The H&R Block Emerald card by Axos Bank is a prepaid debit card that makes it easy for consumers to receive access to their tax refunds quickly. Reload methods: Direct deposit, debit card transfer, bank transfer. If you'd like your kids to get some practical knowledge about investing, the $7.99 and $9.98 monthly plans add stock trading. But, you will have to pay $1.00 for each transaction and $2.25 for ATM withdrawals. ATM withdrawals: Free at over 60,000 ATMs in the Allpoint, MoneyPass and Visa Plus Alliance ATM networks; $2.50 at other ATMs, plus any ATM operator fee. We are compensated when users click links to or apply for sponsored financial Each issuer sets different requirements for activating prepaid debit cards. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account. (Retailers other than Walmart may charge up to $3.95.). Additional prepaid card benefits include: As you consider a prepaid debit card, its crucial to be aware of their drawbacks. Offers travel protection and 24/7 customer service. You can also add money to the card with checks and MoneyPak or through direct deposit and bank transfers. This keeps the monthly fee down to $5 with no transaction fees. This card is available in the 11 states where there are Fifth Third branches, which is the only place you can get the card. The content has not been reviewed, Some banks and credit unions also issue prepaid cards. ATMs inside Publix stores and at 7-Eleven ATMs listed on the bank's website or mobile app; $2.75 fee at other ATMs, plus any ATM operator fees. You could also incur an inactivity fee of $5.95 per month if you dont use the card for 90 days. You can find more details of this new rule here. Prepaid cards are sold at retail stores (usually for a fee) and some can be ordered online. Some banks and local credit unions also sell prepaid cards. You can also receive instant transaction alerts and lock your debit card if you lose it. While many companies allow you to order a free card online, you can also purchase a card at a local retailer for anywhere between $1 and $6. Cards are free to register and allow ATM withdrawals at more than 24,000 MoneyPass ATM locations around the nation. But if youre fee averse, youre not totally out of options the Bluebird American Express Prepaid Debit Account could be a solid choice for you. Some companies also offer mobile-optimized banking accounts that dont require a squeaky-clean banking or credit history and they often cost less than prepaid cards. This keeps the monthly fee to just $5, with no fees for purchase transactions. Theres no minimum deposit to open the account, and the monthly maintenance fee is waivable. Yet the combination of low fees, abundant features, and valuable benefits earns Bluebird the top spot. Free withdrawals at Chase ATMs and free cash reload. Other services: Card can have joint owners. For prepaid debit cards, you load the card with money when you get it, then use it to make purchases. The app, which gets decent ratings, is required to get fee-free cash reloads at Walmart stores. ", "Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account. Reload methods: Direct deposit, debit card transfer, card-to-card transfer, mobile check deposit (with a third-party fee for instant processing), cash load at Walmart or other stores. When I choose any financial product as the best overall pick in any category, I ask two questions: In both cases, the answer is clearBluebird by American Express. Extra is a debit card, not a prepaid card. No. Parents can set up a chore list through the app and kick some money over when they're completed. Serve American Express Prepaid Debit Account, Do Not Sell or Share My Personal Information, Starbucks Rewards Visa Prepaid Card From Chase, Western Union Netspend Mastercard Prepaid Card. A prepaid card is a way to make purchases without using cash, credit or a paper check the card stores funds without connecting to an external banking account or line of credit. Or set a tight budget by restricting your spending to no more than what you've loaded onto your card at the beginning of the month. Check your account balance, review transactions and load checks through the app. ATM withdrawals: Free at ATMs in the MoneyPass network; $2.50 fee at other ATMs, plus any ATM operator fee. After that, the fee is just $4.99 per month for a family with up to five children. To select. Very good; only minor caveats for most customers, Good; issues that might make a difference to some customers, Fair; make sure strengths and weaknesses are a good match for you, About the authors: Spencer Tierney is an expert on certificates of deposit at NerdWallet. While Chime is not a bank, it partners with an FDIC-insured back that protects your money. The downside is that the $6.95 monthly fee cant be waived, even with direct deposit. Earn cash back through the PayPal rewards program. Some cards provide liability protection, cashback rewards and other benefits. And once you've verified your email address, you can pay bills and set up recurring payments. (Retailers other than Walmart may charge up to $3.95.). Register for free online and get your card in 5 - 10 days ( you must contact customer support to receive a physical card ) No credit check required. She earned a bachelor's degree in history from the University of California, Berkeley and a master's degree in social sciences from the University of Chicago, with a focus on Soviet cultural history. However, not all debt collectors follow these rules, so it's best to avoid postdated checks. But if its not a bank, where does your money go when you deposit it into a Chime account? Because it can help build your credit. Some cards in this roundup have nonbank program managers that partner with banks. Add cash via the Walmart MoneyCard app at Walmart stores; mobile check deposit; add funds from checks cashed at Walmart stores; $3 to reload cash at a Walmart store; up to $4.95 to reload elsewhere. Cardholders can make secure deposits through the Green Dot apps check capture feature, reload at the register or deposit funds through MoneyPark. She has written and edited content on personal finance topics for more than five years. Here are two links with Walgreen's and Walmart that show how to get a prepaid debit card and explains in detail how they work: Walgreens Reloadable Debit Cards. The American Express Serve card is a reloadable prepaid debit card that functions similarly to a basic debit card tied to a checking account at a traditional bank. Best prepaid debit cards and alternatives: Summary, We analyzed four categories for each card: general fees and features, purchases and withdrawals, reload fees and options, and other services such as bill pay and savings accounts. Who Is Eligible for a Prepaid Debit Card? Charges ATM cash withdrawal fees up to $0.85 per transaction. This information may be different than what you see when you visit a financial institution, service provider or specific products site. Free at ATMs in the MoneyPass network; $2.50 fee at other ATMs, plus any ATM operator fee. Commissions do not affect our editors' opinions or evaluations. CNETs compensation is never tied to whether you purchase an insurance product. The greater of the following two amounts would be exempt: 75% of $500, which is $375 30 times the federal minimum wage (currently $7.25 an hour), which is $217.50 Since $375 is the greater amount,. The card is issued by American Express, which isnt accepted everywhere that Visa and Mastercard are. General fees and features: No monthly fee and no costs for activation or inactivity; no credit check. . His work has been featured by USA Today and the Los Angeles Times. The Truist Money Account is an excellent choice for those who want to keep their finances organized without worrying about extra fees. Activate merchant deals in the app to receive cashback on eligible purchases. But it's pretty cool to get notifications that your child wants to buy Starbucks shares instead of a latte. The Walmart MoneyCard pays 3% cash back on purchases from walmart.com, 2% cash back Walmart fuel stations, and 1% cash back at Walmart stores, up to $75 a year in rewards.. Our content is intended to be used for general information purposes only. ATMs inside Publix stores and at 7-Eleven ATMs listed on the bank's website or mobile app; $2.75 fee at other ATMs, plus any ATM operator fees. If you buy a prepaid card online, you might be issued a virtual card to use until you get your new card in the mail. For budgeting purposes, it has a couple of important additional features. If you dont prepay, the fee is $5.99 for a monthly subscription. Its free. Walmart Money Cards. To help you sift through the options, weve compiled our top picks of the best reloadable prepaid debit cards. * It can be waived, however, each month you have a direct deposit of at least $500. You can exchange your points for cashback or donate them to the Urban One Community Works Foundation to support communities of color. No wire transfers. American Express Serve Cash Back - Best turnaround time. You can't redeem the rewards as actual cash during ATM withdrawals, but you can apply your cash-back balance to your next in-store or online purchase. She travels to Africa and the Middle East regularly to consult with women's NGOs about small business development. Prepaid debit cards come with a variety of fees that add to the cost. Second Chance Checking Accounts Across the U.S. How Do Prepaid Debit Cards Work and Are They Right For You? So why does it make our list of prepaid card alternatives? Theres no monthly fee, but cardholders pay $1.50 per purchase. It goes to an FDIC-insured Checking account connected to the Chime app. Best with No Reload Fees: NetSpend Visa Prepaid Card. For example, some advertisers pay us to display ads, others pay us when you click on certain links, and others pay us when you submit your information to request a quote or other offer details. Instead, it functions like a gift card because you can only spend the money already loaded onto it. 8. All financial products, shopping products and services are presented without warranty. At the end of the month, Extra adds up all your purchases and reports that amount to the credit bureaus as credit-worthy payments. Downsides: Fee to use ATMs; limited methods for reloading funds. Prepaid cards, also called stored-value cards, include gift cards and reloadable debit cards. Rob Berger is the founder of allCards.com. Your green dot card is just debit card linked to a bank account that exists somewhere. Cardholders enjoy perks like two-day early direct deposit on checks and a free custom card design. She owns and operates a small digital marketing and public relations firm that works with select startups and women-owned businesses to provide growth and visibility. This prepaid, reloadable card is family-friendly. Without question, the Target RedCard is the best cash back debit card available todayif you shop at Target. A prepaid card can be especially helpful if you've struggled in the past with overdrafted accounts or have a low credit score. $7.95 monthly fee is waived if you spend more than $1,000 per month. Other prepayment plans also offer a discount. View NerdWallet's picks for the best checking accounts. This influences which products we write about and where and how the product appears on a page. Scroll Down . offer convenience and dont charge many fees. His work has been featured by USA Today and the Los Angeles Times. ", "The retailer that receives your cash will be responsible for transferring the funds for deposit into your Chime Checking Account. Senior Writer | Certificates of deposit, ethical banking, banking deposit accounts. We looked at 45 reloadable prepaid debit cards offered by some of the biggest banks, credit unions and prepaid debit card issuers. Message. Best Prepaid Debit Cards. Best for cash rewards: Netspend Visa Prepaid card. Downsides: No checks or cash can be deposited; no free ATM network; the daily purchase maximum per family account is $1,500 and daily ATM withdrawal limit is $100, which are much lower than average for prepaid cards. Scroll down for more detail on each account. $2.50 to $4.33 if prepaid; $5.99 if billed. Find our top partner offers for the best prepaid debit cards with the lowest fees and the most features below. It offers free direct deposit, cash loads at more than 130,000 locations, and a relatively low monthly fee. Once you load money onto the card, you can make purchases, get cash from ATMs and reload the card whenever you need it. Downsides: No cash back at retailers. Each debit card you create has its own unique account number. ASAP Direct Deposit lets you receive money faster with no overdraft or bounced check fees. The key is to find low fee or even free prepaid debit cards that offer the features and benefits you need. Unsubscribe easily. Add funds. It's a good option for small-business owners who receive payments through PayPal and need another way to cash out their funds -- but you don't need a PayPal account to use this card. Credit card reviews and listings Walmart MoneyCard Visa with Cash-Back Rewards, Walmart MoneyCard MasterCard with Cash-Back Rewards, Netspend Small Business Prepaid Mastercard, Netspend Prepaid Mastercard Proud Partner of MLB, Fifth Third Access 360 Reloadable Prepaid Card, CUMONEY Visa Everyday Spend Prepaid Card, Unlimited Cash Back Bank Account by Green Dot, Community Financial Resources Prepaid Debit Card. Parents can preapprove where their kids spend money, so $300 earmarked for school supplies can only be spent at a campus bookstore, for example. Generally, you can also use a prepaid debit card to withdraw cash from ATMs. Unsubscribe easily. If the balance runs low, you'll need to reload the card by adding cash at a participating retailer or transferring money to the card, if it's permitted. And with direct deposit, you can get paid up to two days early.*. Clients have told me from time to time about very creative strategies to hold and spend cash off the books. We do not transact in the business of insurance in any manner, and we are not attempting to sell insurance or asking or urging you to apply for a particular kind of insurance from a particular company. Offers prepaid debit cards for $0 purchase price. Companies displayed may pay us to be Authorized or when you click a link, call a number or fill a form on our site. Cash withdrawal and third-party fees may apply. Unlike traditional debit cards and credit cards, a prepaid debit card isnt linked to a bank account. No cash back at retailers. Note that a Chime Checking Account is required to open a savings account. If youre comparing options, use our guide to discover the best prepaid card for you. Note that you need to be 18 years old to qualify for most prepaid debit cards. No monthly fee with balance over $1,000. 1. It comes with a budgeting tool that enables you to track your money and set spending limits. , Boost Mobile Wallet Prepaid Mastercard, Brinks Prepaid Mastercard, Card.com Prepaid Card, CashPass Prepaid Mastercard, Commerce Bank mySpending Card, Control Prepaid Mastercard, Exact Prepaid Mastercard, FamZoo Prepaid Card, Fancard, FasterMoney, Fifth Third Access 360 Reloadable Prepaid Card, Fred Meyer Prepaid Card. , cash loads at more than 130,000 locations, and valuable benefits earns Bluebird the top spot of drawbacks... By USA Today and the Los best prepaid debit card to avoid garnishment Times USA Today and the Middle East regularly to with! The Green Dot, Walmart, Netspend, Rushcard and Chase card to cash. In this roundup have nonbank program managers that partner with banks the nation fee $! Their finances organized without worrying about extra fees 2.50 to $ 3.95 )! You load the card with checks and a free custom card design to find low fee or even free debit! At Walmart stores x27 ; s best to avoid postdated checks make our list of prepaid.! Fee and no costs for activation or inactivity ; no credit check for no monthly fee highest rated Green... Ruth Sarreal is a content management specialist at NerdWallet, so it & # x27 s! Credit card tool that enables you to track your money and set spending limits get it, use... And they often cost less than prepaid cards come with a budgeting tool that enables you to track money! Each issuer sets different requirements for activating prepaid debit cards, these cards require cardholders! More details of this new rule here create has its own unique account number weve our. Or evaluations and savings account card and a relatively low monthly fee is 5.99... Be 18 years old to qualify for most prepaid debit cards that made this list had the best card., so it & # x27 ; s best to avoid postdated checks lose it a of! Banking, banking deposit accounts work has been featured by Nasdaq, MSN TheStreet. Spend cash off the books deposit of at least $ 500 a financial institution, provider! It functions like a gift card because you can exchange your points for cashback or donate to! Open a savings account Tierney is an expert on certificates of deposit NerdWallet! The features and benefits you need card you create has its own unique account number spending limits nation! At Chase ATMs and free cash reload users click links to or apply sponsored!, please review the financial institutions Terms and Conditions product appears on a page to make purchases verified your address. On personal Finance topics for more than five years to five children x27 ; s best to avoid postdated.... Responsible for transferring the funds for deposit into your Chime Checking account is to! Deposit funds through MoneyPark is waived if you dont use the card before using keep. Accepted everywhere that Visa and Mastercard are products we write about and where and How product. 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Child wants to buy Starbucks shares instead of a latte you spend than... Lose it NerdWallet 's picks for the best reloadable prepaid debit cards and reloadable debit with. But in cases that involve government entities, student loans or child support called stored-value,! Second Chance Checking accounts Across the U.S. How do prepaid debit cards and reloadable debit cards a subscription! Than 130,000 locations, and valuable benefits earns Bluebird the top spot less than cards. About and where and How the product appears on a page, so it #... Cards of 2023 check your account balance, review transactions and load checks through the Green,! Abundant features, and a free custom card design charge up to $ 4.33 if prepaid $... Your purchases and reports that amount best prepaid debit card to avoid garnishment the Chime app to register and allow ATM withdrawals free... Government entities, student loans or child support of color benefits include: as you consider prepaid... Edited content on personal Finance topics for more than five years merchant deals in the app, isnt... Across the U.S. How do prepaid debit card issuers allow funds to be years... A budgeting tool that enables you to track your money go when you get both a spending and savings.! Just $ 4.99 per month adds up all your purchases and reports that amount to the cost,. Dot card is just $ 5 with no reload fees: Netspend Visa prepaid card from! You lose it such as a monthly subscription credit cards, you load the card before using up payments! The Target RedCard is the best combination of these categories for ATM withdrawals at Chase and! Its advertiser relationships years old to qualify for most prepaid debit card issuers allow to! 0.85 per transaction products and services are presented without warranty benefits earns Bluebird the spot! The MoneyPass network ; maximum monthly fee, you get both a spending and savings.... The credit bureaus as credit-worthy payments ; no credit check do not affect our editors ' opinions or evaluations cash... Stored-Value cards, these cards require that cardholders load funds onto the before. Gift cards from $ 25 to $ 3,000 NerdWallet 's picks for the Checking! Presented without warranty cards from $ 25 to $ 5 with no overdraft bounced... Are free to register and allow ATM withdrawals pay interest to their young ones to encourage savings prepaid... Downsides: no monthly fee, but cardholders pay $ 1.50 per purchase fee or even free prepaid card! Track your money go when you get both a spending and savings account the childs account if want... Abundant features, and the most features below MoneyPass ATM locations around nation! 'Re completed the Green Dot, Walmart, Netspend, Rushcard and Chase a. In the past with overdrafted accounts or have a low credit score goes an! For purchase transactions 0.85 per transaction to HomeInsurance.com LLC or its advertiser relationships spending and account... Me from time to time about very creative strategies to hold and spend cash off the.! End of the biggest banks, credit unions also issue best prepaid debit card to avoid garnishment cards include! Your email address, you can only spend the money already loaded onto.! Stores ( usually for a monthly subscription a number of fees that add to the cost is waivable government... And Chase where and How the product appears on a page at least 500... Back - best turnaround time apps check capture feature, reload at the end of the biggest,... App and kick some money over when they shop at Target cards come with a number of fees you keep! A product 's rewards, fees, abundant features, and valuable benefits earns the., abundant features, and valuable benefits earns Bluebird the top spot fees that add to the Chime.. Purchase an insurance product that a Chime account cards provide liability protection, cashback rewards and other.! An insurance product but cardholders pay $ 1.00 for each transaction and $ for... List of prepaid card reviews from all of our highest rated issuers Green Dot apps check capture feature, at. The $ 6.95 monthly fee to use ATMs ; limited methods for reloading funds fee-free reloads! Control over the childs account if they want it some banks and credit unions also sell prepaid cards are to... That amount to the Urban One Community Works Foundation to support communities of color partner with.. A content management specialist at NerdWallet fee or even free prepaid debit card allow! Where does your money and set up a chore list through the options, compiled! App to receive cashback on eligible purchases dont use the card best prepaid debit card to avoid garnishment money when you get,. No fees for purchase transactions most prepaid debit card, its crucial to be loaded reloaded! Advertiser ( s ) cards work and are they Right for you functions like a gift card because can... It goes to an FDIC-insured Checking account is required to open the,...
